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Aramco eyes bigger market share in Asia ahead of possible OPEC cut: CEO

Saudi Arabia will now be expanding the company’s market share in Asia. This action has been taken by the company despite the likely outputs on the limits of OPEC the very next year. The company is also eyeing deals in Africa as well as China.

This is because the company is aiming of becoming a global leader in the chemical industry as was stated on Monday by the top oil producer of the world.

According to the Reuters, the Chief Executive of the state oil giant, Amin Naseer told the reporter that his company is willing to abide by any agreement that put forth by OPEC in order to cut the production of crude in 2019.

Source: reutersmedia

The statement has been given when there has been less than two weeks left for the meeting where the group will be deciding upon policy of the output.

He further added that he still perceives opportunities of growth in Asia. Adding to the statement he said that he identifies India along with China, Malaysia and Indonesia and will also yank ahead the ventures related to refining in order to guarantee outlets in these countries for the crude of Aramco.

In an interview at the Dhahran of the Saudi Arabia, Nasser stated that the company will always be attempting of expanding its market share. He further added that despite this the company feels obliged by meeting any agreement stated by OPEC.

Source: akamaized

He also said that the market of Asia is very important for the company and that the company is looking at two potential joint ventures in China at the moment for refineries and that they will be continuing to expand their market share in the various markets.

The company informef that it will be signing  five crude oil supply agreements with the customers of China, thereby taking its supply to China by 2019 to 1.67 million barrels per day (bpd) which will be a record.

Source: Reuters, Investing

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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